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". >> president obama is getting serious about the economy. fiscal cliff notes. >> i'm optimistic question can continue to work together. >> it's like congress put a gun to the economy's head. >> i'm so tired of obama putting i gun to the head of the american people. >> and he swore they would pull the tryinger. >> and then republicans saying, oh, what are we going to do? >> they want a divorce from grover near quist. >> an excuse to go to mexico, i'm game. >> what do you mean by impure thoughts. >> the mexican standoff without any mexicans. >> i have job security. >> they can't murder you. they can't burn your house. >> some republicans are abandoning the antitax pledge as fast as they abandoned -- oh, what's his name. >> governor romney, only the two men will be in the room. >> is getting stoned now becoming more acceptable? >> kentucky bluegrass feather beds and northern cal -- >> you know me, every day, ten pound a day. >> you can play 36 holes on it in the afternoon, take it home and just get stoned. >> it supposedly makes you lazy, tired andle ette ar gwynn gik. >> a impig bob marley joi
morning, everyone. >> good morning. >> going over the fiscal cliff will hurt our economy and will hurt job creation and our country. republicans are committed to continuing to work with the president to come to an agreement to avert the so-called fiscal cliff. it's one of the reasons why we believe that we put revenue on the table as long as it's accompanied by serious spending cuts to avert this crisis. we believe that this fits the president's request for a balanced approach to this issue. and we're going to continue to work with the president to try to resolve this in a way that is fair for the american people. we all know that we've had the spending crisis coming at us like a freight train, and it has to be dealt with. in order to try to come to an agreement, republicans are willing to put revenue on the table, but it's time for the president and democrats to get serious about the spending problem that our country has. but i'm going to be optimistic that we can continue to work together to avert this crisis and sooner rather than later. >> good morning. you know, i was heartened to see
with the economy because of the fiscal cliff we will adjust the production either way. >> that is the fiesta that has how many cylinders? >> it has a three cylinder, one liter engine that gets 123 horsepower and puts a smile on your face. >> is that enough cylinders? >> absolutely. it is interesting because in the past people use to define their cars by how big the displacement was in the engine and how many cylinders they have. to date is few economy and performance. >> you also have a souped up fiesta as well and in fairness, the sales have been disappointing. >> they are going according to plan. we now have the focus as well and last year only had the fiesta. >> work, competition yourself. >> we are growing our small plan business. >> we looking at the new transit connect than. i don't know what you would call was that this is for people, not industry. >> exactly. you can't categorize this vehicle. we have a really stylish alternative to a conventional minivan or people mover. we offered this in five and seven passenger seats, a lot of comfort but look at this design. >> how many miles to
time over the last couple of years. could the fiscal cliff affect the economy? yes. but there is a certain fair amount of judgment from our side that the united states will get over that. you had a major leadership change in time and it happens every ten years and we do fly a lost executives around the world into and out of china and we believe by the time the first quarter is over, that a lot of that political uncertainty which was in place for a fair amount during 2012, that will be out of the way and the growth will pick up again and early signs of that is in place, but, again, it is that global hunt for resources which is drying our business and that is as it relates to the united states companies the same thing. for instance, in --. >>neil: it is booming. something is going on with private jets in general, the hassle of flying commercial, whatever, but it is more than just a c.e.o. or movie or entertainment crowd that are flying these. >>guest: it is used as a business tool. so, we have to do away with the image of something that is a luxury and flashy. it is a
>>> tonight, battleground america. the looming fiscal cliff and the fight to save the economy. in his first interview since the big romney loss, i will ask reince priebus if his party is out of touch with the country. plus his plans to fix the gop. >>> plus president obama's tax push. he wants the rich to pay up but is it fair? >>> and one of the most influential spiritual leaders in the world, america's pastor, rick warren. he was there at barack obama's first inauguration. will he be there again? we're talking politics, same sex marriage and the "two and a half men" star whose christian conversion has him attacking his own show. this is "piers morgan tonight." >>> good evening. our big story tonight, countdown to financial doomsday, the fiscal cliff and the clock is ticking. 35 days left before this massive sweeping tax hike. america's now at the mercy of washington, hoping that both sides can end the fighting and make a deal. anti-tax champion grover norquist last night told me he's keeping republicans to the no tax increase pledge they made decades ago. but should his part
for simultaneous tax hikes and spending cuts in the united states known as the fiscal cliff. the analysts expect the eurozone will contract again in 2013 and they say the region's gross domestic product will shrink by 1/10th of a percent and predicted positive growth of 0.9% in the previous report six months ago. they lowered the growth expectation for the united states economy from 2.6% to 2%. they pointed to a sluggish recovery. the document warns the fiscal cliff would not only deal a heavy blow to the u.s. but might drag the global economy into recession. as for japan, the oect downgraded the outlook from 1.5% to 0.7%. they cited weak domestic demand. analysts urged the nation to compile detailed reliable plans for fiscal reform. u.s. consumer sentiment hit the highest level in more than four and a half years. researchers at analytics form the conference board say the consumer confidence index rose for a third straight month. the numbers rose to 73.7 in november, up from 73.1 in october. that's against a base value of 100 set in 1985. they say that the christmas shopping season started smoot
. the fiscal cliff, come on. the economy is going back into a recession. >> nobody said anything about that. all they will say is did the moon get blown up? >> it was go usa. >> better yet, drop bombs that form craters in the giant usa on the moon. >> bill, is it possible that this idea leaked out earlier than we think and george lucas used it as the idea for the ending of "star wars"? >> i wouldn't know this obviously. >> no, george lucas, i don't give him credit for anything. i don't think this is as much commentary on the times in the 50s or the science involved and more on our current media. every single story that teased this, you are like, we tried to blowup the entire moon? no we were sending nukes over there that would do no damage. the worst part, the current state of the media assumes everyone watching thinks the moos is the size of a tennis ball and easily knocked out with a couple of nukes. i don't know who loses here, but a lot of people. >> i couldn't agree more. >>> next topic. on tuesday china's communist party newspaper picked up a story that kim jun was named the sexiest m
at the fiscal cliff. the dramatic fiscal tightening triggered by this press this could tip the u.s. and possibly the whole global economy into recession. here is more. >> precision craftsmanship, made in the usa the marlon still company in baltimore produces wire baskets for the automobile, defense, and medical industries. it is one of the fastest-growing companies in the u.s. the company president wants to keep it that way, but at the moment, he is holding off on further investments. >> this robot is a good quality robot. phowever, we want to buy the brand-new version that is made in germany. we are pausing right now because of the fiscal cliff. there is so much uncertainty about what will happen in the future. we are not pulling the trigger to by the german robot. >> the prospect of falling off the fiscal cliff frightens more than just greenblatt. numerous business owners across the country are withholding investments in choosing not to hire new workers. that is because numerous tax advantages expire at the end of the year, and at the same time, the federal government looks set to drastically
in the economy. after the fiscal cliff everything is fine. i think there's a reason for cautious optimism, but i don't think there's a reason to think it's going to go gang busters. >> we saw harry reid speak yesterday. the market moves when we see different comments out of washington. we saw it again today on this perception that was actually positive commentary. our bar has gotten pretty low. we see stocks move around a lot. what about interest rates? are they responding as much? >> well, perfect question. look at the chart. here's a chart of today's treasury action against the equity market. indeed, other than around 1:00 eastern after the auction, they've been correlating. stocks go up, rates go up. stocks go down, rates go down. we're trading on pr. if the premise of this exchange is should we trade on headlines, if you're a day trader who understands once you make a trade and the air is gone out of the person you trade it with, that's the only realism that is there. pr doesn't move markets more than the short term. most of the people i talk to on the automated side say these are rhythmic t
of them, the fiscal cliff will not shut down the american economy. at the same time the president has said he will not go over the fiscal cliff. he has seemed to sort of say -- it's sort of a passive agreement perhaps that is not a good idea to go over the fiscal cliff. is this an example of democrats playing good cop/bad cop? >> what we are all saying is, it's not a good idea to go over the fiscal cliff. no one wants to see that happen. it is a bad idea. but a worse idea is to accept a compromise that allows the wealthy americans to continue to not pay their fair share because the result of that will be middle-class families will bear the entire burden of the challenges that this country faces. and that's not fair or responsible. so, if they don't agree to allow the extension of the tax cuts to go back to the clinton era for the top 2%, and we can't get an agreement and go off the fiscal cliff, then on january 1st we have a different scenario here. anything will be a tax cut and the reason that's important is apparently this grover norquist pledge has kept republicans consistently from be
. >> as the leader mentioned, the issues with regard to the fiscal cliff is pretty straightforward and the president in his press conference shortly after the election stated its his goal and priority, jobs and the economy. ought to be about jobs and the economy. republicans couldn't agree with him more which is why the proposal the president has put forward to solve the fiscal cliff raises taxes on a million small businesses who employ 25% of the work force and an accounting firm has done a study has said if the president's proposal went into effect which is to raise taxes on the small businesses out there that it would cost us over 700,000 jobs and reduce take-home pay by 2% and reduce economic growth by 1.3%. what the president is proposing to do would hurt jobs and the economy, which is again, i ironic in that the president's only solution to solve our fiscal cliff issue is to raise taxes. in 2010, we had the same debate. raise taxes in the middle of a weak economy. at the time economic growth was 2.4 through the first three- quarters. number is 1.8%. the president said you shouldn't weak econom
on fiscal cliff and the state of the u.s. economy. >>> other top stories for you this morning, former senator and presidential candidate bob dole expected to be discharged from a washington's walter reed army medical center today. an aide says the 89-year-old checked himself into the hospital for a routine procedure and that he's doing well. you might want to put down the pork chop. a new study from consumer reports found 69% of raw pork products in u.s. supermarkets are contaminated by a foodborne bacteria that can cause fever, cramps and intestinal bleeding. researchers say it means we need better hygiene in animal plants. the pork industry questions the methods used in the study. >> wow. >> cook your meat. >> we eat a lot of bacon on this show. >> the country does or you and i personally? >> the country does. and then you and i personally. >> yeah. >> eat a lot of bake be. awe should microwave it before we -- still ahead this morning on "starting point," might be another stand your ground case to tell you about in the state of florida. teenager shot and killed. the murder suspect s
interest deduction may be on the chopping block if the economy falls off the fiscal cliff. what does it mean for you and your nation's nascent housing recovery? rodney anderson is the director of supreme lending. welcome, sir. >> good afternoon, lori, rodney, the mortgage interest deduction, on? mous with terms like sacred cow and untouchable but that is changing. >> absolutely. we know several years ago they would have to address the mortgage interest deduction. what we need to remember here is the housing market is already in a troubled stage. ben bernanke last week saying mortgage lending guidelines are overly tight. so we're in an area right now that we know we need to get rid of the deduction but how do we do it? we have to do it structured. lori: let me come in here with this point. are you saying if we get rid of this deduction it could thwart, to your point a very vulnerable recovery? today we got the mortgage apps down 23 years from the prior weeks. new home sales were down when they were expected to rise? >> yeah, it could absolutely hurt the, short term it could hurt it. l
brighter for the u.s. economy, but, boy, we still need to bang some heads together on this fiscal cliff because until we're going somewhere on on that, these markets are treading water right now. back to you. >> all right, geoff cutmore live in london. thanks. >> what would you do with 500 pll million? >> i would say that's gambling and that when we cover the story, we ought to talk about the draw backs on people being taken advantage of and never get any money. >> t.j., how close did you get to becoming extraordinarily wealthy just this time last week? >> pretty close. one number off. >> are you going to try it again? you were one number off. are you going to try it again? >> it for a half a billion, absolutely. >> see, t.j. has it right. you've got it wrong. >> we never cover the story. >> so $500 million, my friends. $500 million. think about what you could buy with that. >> and then save your money. >> that you could buy. that's how much tonight's power ball drawing will be for. and so far it's the second highest jackpot in history behind april's $656 million mega prize. the odds fo
leader eric cantor. moments ago on the hill. >> going over the fiscal cliff will hurt our economy and hurt job creation in our country. republicans are committed to counting t continuing to work with the president to come to an agreement to avert the so-called fiscal cliff. that's one reason why we believe we put revenue on the table, as long as it's accompanied by serious spending cuts to avert this crisis. we believe that this -- this fits the president's request for a balanced approach to this issue, and we're going to continue to work with the president to try too resolve this in a way that is fair for the american people. we all know that we've had this spending crisis coming at us like a freight train, and it has to be dealt with, and in order to try to come to an agreement republicans are willing to put revenue on the table, but it's time for the president and democrats to get serious about the spending problem that our country has. but i'm optimistic that we can continue to work together to avert this dry sis, and sooner rather than later. >> good morning. you know i was h
kiss our economy good-bye. because we will all be going over -- >> that fiscal cliff. >> fiscal cliff. >> fiscal cliff. >> that dreaded fiscal cliff. >> stephen: yes, the dreaded fiscal cliff. an unavoidable money will technology the razor-sharp financial rocks below. it all started back in 2011 during the showdown over raising our debt ceiling when republicans wanted spending cuts and obama wanted to raise taxes. which led to a budget crisis that congress solved by not solving it. (laughter) instead, they handed it over to something called "the supercongress" which couldn't fail because it was super. (laughter) unfortunately it was also congress so it failed. (laughter) and as a result -- (applause) as a result -- (applause) as a result, folks, we are facing another thing called sequestration which at first sounds like rationing the amount you can watch "sea quest." (laughter) but it's even worse than that. (laughter) sequestration is automatic spending cuts that both sides agree would trigger a new recession. it's like congress put a gun to the economy's head and swore it will pull
. this is "the five." ♪ ♪ >> dana: congress 35 days to reach a deal and prevent the economy going over the fiscal cliff. no mystery what the issues are that must be reed. the democrats know, republicans know and so does president obama. entitlements are pushing the country toward financial ruin. here is what the president said in 2010. >> the major driver of the long-term liabilities is medicare, medicaid and healthcare spending. nothing comes close. social security we could probably fix the same way tip o'neil and ronald reagan sat down together and we could figure something out. that is manageable. medicare and medicaid, massive problems down the road. that's where, that is what our children have to worry about. >> dana: here we are, two years later and still no plan. on the left in congress refusing to deal with that simple reality. vermont senator bernie sanders caucuses with the democrats. take a listen. >> i get nervous when i hear the president and others continue to talk about quote/unquote, entitlement reform. which is just another cut for medicaid and medicare and social security. >> er
such as the fiscal cliff, but we think it'll contribute to optimism about the economy. >> you're in a
their input how to grow the economy and how to deal with that looming fiscal cliff. they are saying taxes will go up if congress does not act. >>> still on the scene of a fire that may have been intentionally started inside a classroom at alameda high school. brian flores joins us with more on why the fire was considered suspicious. >> reporter: it looks like police investigators are here now continuing to gather any evidence they can from this suspicious early morning fires. now let's go to video we shot earlier this morning. according to investigators, the fire started roughly around 3:00 a.m. this morning and one of the classrooms had flames coming out of it from a nearby window and they quickly put it out but what they found was one of the windows was opened and it leads officials to believe it is suspicious in nature. >> we had a fire alarm at the alameda high school and we came here and found a fire and put the fire out and the fire is suspicious in nature. >> reporter: now in terms of damage several books were burned and a window was damaged. police believe there may have been smal
. [inaudible] >> good afternoon, everyone. as we head into the fiscal cliff negotiations, my advice to the president would be -- seems like our friends on the other side are having difficulty turning off the campaign. we need to sit down and work this matter out. i think we have a clear sense and opportunity here at the end of the year to do something important for the country. we all know that the most critical steps to be taken are to save the entitlements, which are on an unsustainable path to bankruptcy. there's no better time to begin to fix that problem than right now. so i would hope our friends on the other side can kind of turn off the campaign and get into a cooperative mode here to reach a conclusion. which leads me to make a further observation about how unfortunate it is that the majority leader has chosen to create an extraordinary controversy here in the senate right here at a time when we ought to be encouraging maximum bipartisan cooperation, about threatening to employ the nuclear option, which is to break the rules in order to change the rules of the senate. i hop
the fiscal cliff. let's listen. >> good morning, everyone. in going over the fiscal cliff it will hurt the economy and hurt job creation in our country. republicans are committed to continuing to work with the president to come to an agreement to avert the so-called fiscal cliff. it's one reason why we believe that we put revenue on the table as long as it's accompanied by serious spending cuts to avert this crisis. we believe that this fits the president's request for a balanced approach to this issue. we're going to continue to work with the president to try to resolve this in a way that is fair for the american people. we all know that we've had this spending crisis coming at us like a freight train. and it has to be dealt with. and in order to try to come to an agreement, republicans are willing to put revenue on the table but it's time for the president and democrats to get serious about the spending problems that our country has. but i'm going optimistic that we can continue to work together to avert this crisis and sooner rather than later. >> good morning. you know, i was heart
all we can to avoid the the fiscal cliff, to grow our economy, a understand to create the jobs that the american people need and deserve. thank you, madam president. i yield the floor. mr. thune: madam president, i want to h echo the words of my colleague from wyoming with regard to this whole issue of the senate rules because i come from the house of representatives. came to the senate having served first in the house of representatives. served three terms there. and the house of representatives of course is very structured. there is a rules committee. if you want to get an amendment considered, debated, voted on in the house of representatives, there is a process. you have to go plead your case to the rules committee. the rules committee can decide, no, we're not going a how that amendment to be considered. we're not going to allow that amendment to be debated. they can decide which amendments are made in order, how much time is allowed on each amendment. it is a very structured process in the house of representatives, but it makes it very difficult for an individual member t
to the fiscal cliff discussion over and over again because unless we get the economy really moving and growing in a long run, these budget problems will occur over and over again. we have identified eight areas where we find, these things would move the needle in a reasonable time frame, two or three or four years we start to see impact and there's quite bipartisan support. and the sustainable budget compromise. number 2, easing immigration now. we need a broader immigration reform, but it is one of the abilities to move rapidly to inject skill to the economy to fill jobs we badly need to fill to sustain our growth. it is not long term solution to the skill problem in america but a critical step we need to take to move the needle. we have got to simplify and realize the corporate tax code. everybody agrees. we just did a survey that included a loss of members of the general public, not business leaders, not sophisticated observers of the economy but the general public, and 70% of the general public believe we need to simplify the corporate tax code. that is how deep the understanding of the pr
their money. and furthermore, on the fiscal cliff, the 1/3 of the economy, the economic problems are caused by lack of employment and so if more money were spent on a jobs program, especially building roads, things that increase productivity for people, would be much better off than giving tax breaks to the rich. or to actually anybody. so i think that this whole argument is skewed because people don't understand we have a supply-he can manned economy and it's the demand that's broken here. host: ok. guest: i think the caller makes a good point. there's no question that the most immediate problem facing the economy is a continued lack of demand. basically economic inactivity, spending, investment, which is still somewhat leftover by the financial crisis and the recession and there's this debate in washington about whether you should address -- whether you should address that now through additional spending measures, there's not many proposals anymore to do that although a few prominent people like larry summers and president obama's former top economic advisor has suggested renewing the pay
the fiscal cliff, you need to own companies that exist regardless of what happens on the economy. take pvh. host of other brands you know. back on october 31st, we learned that pvh was acquiring a brand for $2.9 billion. you have the house of klein all together. pvh reported after the bell today and the results were very strong. the company delivered strong earnings. let's check in with the fabulous chairman and ceo to find out more about the quarter. good to see you. all right, this was a very interesting thing this quarter. you had already told people that you thought you could beat the number. you had four cents more than anybody thought. was it the strength of the consumer here? is it the margins? how much better europe is for you? what is the make up of that last bit? >> margins were better. we were being on the gross margin line. better with taxes and overall, this quarter given the warnico acquisition, we were forced more or less to come out and give guidance and we took it up. so it was a very strong quarter for us. one of the things, and i know it is not as important as it used to
in europe could actually turn out to be just as damaging for the u.s. economy as the fiscal cliff. >> is that a picture of us if we don't handle our problems here too? is that the ghost of the future? >> i think in both cases, we're talking about politics getting in the way of economics. i think the fiscal cliff could be dealt with exactly as you said. if the politics weren't such a big issue, this could be solved. >> so what would be the best way to solve it, do you think? >> you know, i think there is -- what we need for this economy generically is austerity in the long run and some stimulus in the short run. and, you know, crafting that as part of the solution to the fiscal cliff is the issue. >> you put together a study on systemic risk and you rank countries. >> right. >> your number one most risky -- systemically risky country is japan. >> it's japan now. amazing. >> take this back to us for one reason. are we japan on a separate issue, on this issue, on the next sort of five, ten years? >> what happens with our measures of systemic risk is that when financial institutions h
fiscal cliff. the president said he hopes to have an agreement by christmas.k0ydx he's urging the public to pressure the congress through social media on twitter. >>> bay area small business owner met with the president yesterday to talk about this fiscal cliff, aurora is co-founder of an urban mushroom farm in oakland the farm was featured recently in "the chew." >>> congresswoman spwaoer introduced what she is calling her stop harming our kids resolution this morning on capitol hill. aimed at protecting minors from sexual orientation near i. the treatment -- therapy. critics call it junk science amountinging to psychological abuse. california is ahead of curve. governor brown signed a bill last month banning gay conversion therapy for minors. >>> supreme court is set to announce next week whether it will let prop 8 -- this morning -- [ unintelligible ] >>> still ahead, coverage of the storm continues, lisa argen will tell us next the -- when the next wave will hit. >>> here's a look from i-80 heavy rain east bay, break in the north bay, gusty winds and wind advisory next one to talk ab
mayer talking about ways to avoid that year end fiscal cliff. the president said he hopes to have an agreement by christmas.k0ydx he's urging the public to pressure the congress through social media on twitter. >>> bay area small business owner met with the president yesterday to talk about this fiscal cliff, aurora is co-founder of an urban mushroom farm in oakland the farm was featured recently in "the chew." >>> congresswoman spwaoer introduced what she is calling her stop harming our kids resolution this morning on capitol hill. aimed at protecting minors from sexual orientation near i. the treatment -- therapy. critics call it junk science amountinging to psychological abuse. california is ahead of curve. governor brown signed a bill last month banning gay conversion therapy for minors. >>> supreme court is set to announce next week whether it will let prop 8 -- this morning -- [ unintelligible ] >>> still ahead, coverage of the storm continues, lisa argen will tell us next the -- when the next wave will hit. >>> here's a look from i-80 heavy rain east bay, break in the north
economy overall. the fiscal cliff is a huge amount of uncertainty for a lot of people out there because they just do not know what their situation financially will be like in the next one, two, six, even 12 months down the line. if you do not know how much money will have in your pocket, you are less likely to spend. we know this was a function of a lot of debt being taken on, consumer spending beyond their means. this delveraging process of consumers has taken its role, but we're seeing some positive signs. the real catalyst will be whether or not we have the confidence enough as consumers to go out there and spend. when the white house put out numbers like that, in essence what they are saying is if we do not get a resolution to and people do not feel certain, at least a little bit, they're not as likely to go out and buy that washing machine, that refrigerator, and certainly not a car or a home. that will be a huge issue. host: bloomberg tv reporting right now that the dow jones down 29 points, the s&p 500 down about 2.8 points. what do you make of that? guest: volatility has been lo
of prominent democrats saying we should go over the fiscal cliff and let taxes go up, which would be a huge mistake in terms of the economy. we've got lots of analysts that have looked at it, economists have said, if that happens, you'll reduce economic growth, you'll lose jobs, you're going to lower take-home pay for americans. it is a big mistake to do the president knew that in 2010 when the economy was weak. the economy is even weaker now than it was in 2010. >> greta: another no surprise surprise the debt ceiling of $16.3 trillion. we're going to hit that at the end of december. the treasury can do some sort of phi nagling so we're not out of credit until mid-february, just when most americans are expecting the federal government to pay their tax refunds. at least right now with the debt ceiling as it is, there's no money to pay the tax refund. >> right. as you pointed outer, this debt ceiling issue, $16.4 trillion that you're going to exceed, and they'll use, quote, extraordinary measures or tools they have available to -- >> greta: let's face it. if you don't have any more money, you
's still out on the campaign trail, kind of celebrating. >> going over the fiscal cliff will hurt our economy and hurt job creation in our country. this is not good for our country. as simple as that and the president understands it. >> they're saying president needs to get in there, needs to negotiate with democrats into line if necessary. is that not happening. are you hearing congresswoman schwartz, from the president as all? >> let me say the administration is keenly interested in working with the senate and the house to get this done. the fact that the president is out and sulactually out in my district on friday morning talking to people what about is at stake for this country, for their families and the nation is something very important for him to be doing. always engaging the voters, the public is an important thing to do. and at the same time we should be and are having broad discussions about how we move forward. what we really need is we need republican leadership. just quoted them, mitch mcconnell and john boehner, to actually be sitting down and saying, look, there are p
these frightening details about what happens to the economy if we go off the fiscal cliff, a key point they say consumer spending would take a $200 billion hit next year. is there a growing sense, though, dana, that going off the cliff would be preferable to caving on issues that are important frankly to both sides? >> certainly the extremes on both sides are saying that it may be preferable. it is entirely possible that that's what will happen. sort of like those discussions of can we survive, you know, the nuclear winter. it is -- the good news is that a deal is fairly obvious what needs to be put into it. it's just a question of when the political will comes together. it can be done very quickly if people are willing to, but it does seem as if they are now preparing for the blame game that follows with the assumption that they're going off the fiscal cliff with whatever economic calamity comes with it. >> i want to bring in congressman peter defazio, a democrat from oregon. good morning. >> good morning. >> you're one of the folks who have said, correct me if i'm wrong, that republicans won'
short-term right now making rebalance as soon as they deliver a package about the fiscal cliff. dave: with a price target on apple? >> 725. dave: if you would do this for five seconds, >> institutional ownership, google 66. dave: thank you very much. dave: the s&p futures pit. >> thanks for having me. dave: no action but plenty of meeting inside the beltway. the president ready to sit down with more ceos to discuss coming tax increases and potential budget cuts. we haven't seen any suggestions. middle class americans, we are live at the white house. liz: main street businesses taking matters into their own hands. sending this letter to congress urging them to have tax reform. we are talking to the ceo, president of the national federation of independent business who signed a letter. what does he want? dave: automakers all over the world are revving their engines at the los angeles auto show, jeff flock as usual live in the center ring. what is going on? jeff: automakers are not worried about the fiscal cliff and there's as much buzz around these fiats, how many doors? five doors. as
builds. you are hearing a lot of prominent democrats saying, we should go over the fiscal cliff and let the taxes go up, which would be a huge mistake, in terms of the economy. we have lots of analysts and economists who have said fthat ha you will reduce economic growth. you will lose jobs and you will lower take-home pay for americans. it is a big mistake. the president knew that in 2010, when the economy was weak. it is weaker now than it was. >> let me tell you, the debt ceiling of $16.3 trillion. we'll hit that at the end of december. the treasury can do fainationling until we are out of money -- or credit, in when the americans are expected to pay the tax refunds and there will be no money to pay the quote, tax refunds. >> the democrats want to fold the debt ceiling into the year-end fiscal cliff negotiations. but as you pointed out, i mean, this debt ceiling is, $16.4 trillion that you are going to exceed and they will use, quote extraordinary measures or tools -- >> that's cooking the books. let's face it -- if you don't have any more money and you -- you have no more money and
. start with the fiscal cliff because it is what everybody on wall street is watching. is it fragile, antifragile or robust. >> for me it is a good thing because the economy requires once in a while to be shaken and people to be scared. otherwise we got trouble. sort of livg theke equivalent o forest that hasn't had forest fire in a while. you need once in a while to jolt the market so people realize that there is something wrong and we have to do something about it. and we need these fiscal cliffs and similar situation to shake politicians. >> because they have no skin in the game according to you. >> that is a big problem. there's some category of people who have the up side and no downside. and effectively, they have -- the downside is borne by us april 15, tax day. we pay the bill. >> yes, that is a stressor. >> we have a downside. like long volatility, we benefit from this order and the rest of us are antifragile. you want to eliminate that symmetry in society. at no time have we had that many people in power in mallkind wnk is no skin in the game. >> politicians benefit from di
to avoid the so-called fiscal cliff and tank our entire economy. according to the white house press secretary jay carney, the president has been doing some heavy lifting, too. >> the president is actively engaged in the numerous ways that i've already described in the meetings that he's already had and obviously in meetings with his team. so he is doing heavy lifting himself and will continue to do that. >> brian: our next guest has been an outspoken critic of president obama's leadership on budget negotiations and says stop wasting the money. we're joined by tom coburn, he's also an author. senator, do you have a sense that we're on a different path than the paths that led to us object live onover the last two, three, four years? do you think these negotiations could end up promising? >> well, i think the fact that you're not hearing any details is good. you don't hear people trying to manipulate the negotiations that are ongoing through the press or the media. so look, we're going to solve this problem one way or the other. we're going to solve it eventually. the markets are going
in the data, but the trend lines are on the right place. >> david cay, let's talk about the fiscal cliff negotiation. what if we do not get a deal? what does that do to the economy? all taxes are going to be going up. going to be $4 trillion in the economy. that would fix a lot of stuff. but obviously the concern is we may fall into a deep recession. what's your take on all that? >> people's paychecks will immediately experience -- they will be a little smaller. 2 percentage points more and your tax cut will be higher. but congress can change the tax law. remember, the republicans themselves did this when they raised taxes on teenagers who work six years ago. so the immediate effect is less than the boogeyman effect. the thing to watch for is do the democrats and president obama hold firm or do they betray the people who put them in office? >> would it be a betrayal at this point, do you think? >> if we come up with a gimmick that really makes the tax burden not fall on the very wealthiest of people. but on upper middle class americans and middle class americans, that would be something
house. he wants their input on how to grow the economy and also deal with that looming fiscal cliff. >>> and rain, windy weather, it's all here now in the bay area this morning. the first of several storms that will bring rain through sunday. >>> we have live team coverage for you this morning. ktvu's tara moriarty is monitoring trouble spots on the roads for you. let's first go to claudine wong. what is it like in the north bay? >> reporter: soggy. it's been raining steady since about 5:30 in the morning. residents are doing fine, keeping an eye on the creek. this is the problem when it really gets going. that level rises and it floods. at least that's what it has done. take a look on the roofline, you can see enough watter to get the drains working and when you see those leaves fall in the drains, steve mentioned it's not this storm that is the concern but maybe friday. it all adds up. they do have a high tech way to keep track of everything. i want to show you this witness. we showed you this in the last hour. it really gives a good idea of where things are going. you can see how
the cliff and stayed off the cliff. john boehner recognizes that the fiscal cliff is the president's leverage, but boehner believes he has leverage, too. politico reported this morning president barack obama made a demand of how john boehner near the end of their first white house meeting on the fiscal cliff, raised the debt limit before year's end. boehner responded, quote, there is a price for everything. boehner told president obama at the white house that the debt limit increase is quote my leverage. although he added that he's flexible on when it should be done. senator durbin said today that raising the debt ceiling must be part of any deal with republicans. >> i also think that the president isn't going to sign off on any agreement that doesn't include some certainty as to budgets, appropriations, dealing with our debt ceiling. we're not going to find ourselves with some big party celebrating in february and then turn around and march and have another doomsday scenario with the debt ceiling. >> the man who until this week was the most powerful person in washington who did no
or the economy. > a tough white house ally, nglinois senator dick durbin argued against using fiscal cliff pressures to scale back paidare and medicaid benefits. >> these are people that have paid in over a lifetime into protectecurity and medicare and fully expect the protection bech they've invested in to be that'snd it has to be there. republicans anyblicans are demanding in any fiscal cliff deal. o raisew never to raise taxes on the w o entitlement programs now gobbling up more than 60% of annual federal spending. that means the white house to dough if i liberal democrats or >> the p enrage republicans. ted to thesident is very committed to the proposition itht we can deal with these challenges if we come together oach.dopt a balanced approach. >> i may sound glib what i'm about to say but this white house is really serious about an issuewhen it goes to twitter. anew white house hash tag on preserving the middle class tax preserving. that's $2,000, average amount that taxes would rise if the bush era texas cuts are not ttended. eek white house plans to hammer its issue all week, believ
their dividends before we fall of the fiscal cliff. advice for you and your money coming up next. ♪ ♪ gerri:ome companies offering special dividends to shareholders to avoid being hit by ♪ rri: it is being called a dividend rush. lots of companies offering special dividends to shareholders who are moving up their dividend pay off date to avoid next year's tax ncrease. for moren what it means for investors, i'm joined by managing director of black rock. great to have you here. we were just talking about the fiscal cliff and how it miht be resolved. you have an interesting point of view. >> i largely think that this is the part of that the leveraging process, moving to a point where the u.s. government is, to get more fiscally sound. and so obviously last year was a much more heated argument with our cogress around the debt ceiling debate. obviously the tea party. they put in the sequester cuts, and now is the fiscal cliff. now, i think globally it i largely viewed as something that would be pretty to crony in. the comments, the monetary policy is not something that can offset it. it will p
, to avoid the fiscal cliff, taxes go up, dividend tax rates, personal tax rates, corporate tax rates go up, that that itself will cause economic weakness. what do you say to that? how are we supposed to balance the risks of doing things to avoid the fiscal cliff that may also hurt growth? >> one way or the other, there is a problem. if you kick the fiscal cliff down the road, then, you know, you're talking about the u.s. running deficits close to 4% to 5% over the next decade and that's cbo forecasts. if that occurs, you're talk about the debt getting more and more out of control. because the u.s. is the global reserve council, it's reliant on global reserve investment. >> just want to make sure that people have enough treasuries to trade. that's all it's about, charles. isn't that very generous? >> it is very generous. but left unaddressed, the fiscal problem is beginning to be a problem. but equally they don't want the full hit at this stage. so it is a matter of coming to some compromise, so you are going to have to see some kind of adjustment on the taxation side. that is what everyone
concerns behind us for the time being the focus turns squarely on to fiscal cliff negotiations in washington, and the health of the u.s. economy. >> so let's talk about something that's good for us, right? and that's home prices. they are improving and recovering in much of the country. new home sales, those numbers come out today and we learned yesterday that home prices were up nationwide by 3.6% in the third quarter. this was according to a report by s&p case shiller. that's the biggest rise in more than two years. the cities with the strongest gains over the past year. home prices in phoenix up more than 20%. minneapolis, 9%. look at that, detroit, denver, dallas, tampa, there are only two big cities with homes losing value, just a smidge, new york, down 2%. chicago down about 1.5%. >> was that 20.4? where was that? >> phoenix. unbelievable. remember they had a huge decline, and now they're crawling out of the hole. you're seeing a lot of cash purchases and investor purchases in some of these places. some people, frankly, are, you know, they're buying up retirement -- their
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